Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), the business unit of UAE-based FAB operating in Egypt, unveiled its financial results for the first half (H1) 2024, logging net profits of EGP 15.80 billion.
The lender highlighted robust growth in H1-24 financials, reflecting an annual growth rate of 139%, according to a press release.
As of 30 June 2024, FABMISR reported net loans and advances valued at EGP 121.20 billion, higher by 40% compared to December 2023.
Total assets hit EGP 429.90 billion in H1-24, up 46% when compared to December 2023. Customers' deposits hiked by 39% to EGP 278.70 billion.
The bank’s net interest income stood at EGP 14.60 billion, marking a 116% year-on-year (YoY). Net fees and commissions Income grew by 30% YoY to EGP 1.30 billion.
Mohamed Abbas Fayed, CEO and Managing Director of FABMISR, remarked: “The significant increase in our key financial metrics underscores our strong market position and our capability to navigate Egypt's evolving economic landscape.”
“We remain focused on leveraging our strengths, driving operational excellence, and pursuing sustainable growth opportunities to create long-term value for our stakeholders,” Fayed added.
In the first quarter (Q1) of 2024, FABMISR posted 108% YoY higher net profits at EGP 9.90 billion.
